Laurels

Best Property Management Companies
2022

The Best Property Management Companies
Here Are The Top Property Management Companies
Top Hat Home Services

Top Hat Home Services

Top Hat Home Services is a full-service real estate management company that is located in New York City, New York. This company covers building management, consulting, investment properties, construction and project management, landmarks and green initiatives. Whether clients own a small building, a single-family townhouse, or an apartment, Top Hat Home Services can manage them all. Crew members are bonded, insured, and licensed.

New York City, NY 10023

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Trion Real Estate Management

Trion Real Estate Management

Trion Real Estate Management is a full-service real estate company focusing on residential and mixed-use property management in New York City. In operation for more than 40 years, the firm manages each clients' property as a valuable asset while enhancing their residents' lifestyles. The company's real estate professionals develop a management strategy tailored to meet the client's requirements. They offer services that encompass maintenance, 24/7 emergency response, cyber security, leasing and sales responsibilities, and weekly updates.

New York, NY 10027

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Orsid New York

Orsid New York

Orsid New York is a property management firm that specializes in multi-family homes, condos, and co-ops. Its staff advises clients on changes in city, state, and federal laws and works to ensure their properties remain compliant. It also handles financial operations like developing annual operating budgets, financial reporting, and capital planning. The company maintains an apartment alterations department to manage renovation and remodeling projects for managed properties. Since its founding in 1955, Orsid New York has managed over 17,000 rental units spread across 170 buildings.

New York, NY 10019

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EK Realty, LLC

EK Realty, LLC

EK Realty, LLC is a full-service property management firm that is located in New York City, New York. Property management services include on-site property supervision, payroll services, computerized reports, violation compliance, preventive maintenance, business plans, and more. EK Realty, LLC also offers refinance advice, property evaluation, architectural support, technical support, property analysis, and operational directives. This firm is a proud member of RSA and the Real Estate Board of New York.

New York City, NY 10019

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AKAM

AKAM

Akam is a property management company located in New York City. It consists of 700 members responsible for supervising more than 52,000 units. Its team of professionals oversees different types of residential properties, including condominiums and investment apartments. They assist property owners with compliance administration, violation removal, and operations management. In an effort to give back to the community it serves, Akam volunteers for organizations like the American Breast Cancer Society and Make-A-Wish Foundation.

New York, NY 10016

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R Management

R Management

R Management is a full-service property management company responsible for the care of commercial and mixed-use properties, office and apartment buildings, and townhouses. Its team of management professionals offer customized solutions to help their clients achieve their goals. Their services include online rent payment options for tenants with technology benefits for owners. All income, documents, and expenditures are available to access 24/7. The company also manages routine and emergency maintenance and provides periodic property inspections.

Brooklyn, NY 11249

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Bungalow

Bungalow

Bungalow handles the property management and rental leasing of apartment rooms and bedspaces in New York City. It supports homeowners by producing 3D maps, digitally staged photos, and multi-site listings of their properties. It also provides property management services, in-house maintenance by technicians, and account representation with dedicated personnel. The company also serves home seekers with its namesake app that enables online apartment search, virtual tour, leasing application, communication with future roommates, and lease agreement signing.

New York, NY

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Gumley Haft

Gumley Haft

Gumley Haft has been providing a full range of residential and commercial property management services in New York City since 1989. Its property managers customize solutions and programs to match clients' unique requirements. They also implement preventive maintenance measures and integrate advanced technologies and financial resources. Led by its CEO, Daniel Wollman, the company aims to offer high-quality services that make each client feel like their property is the only one the firm looks after.

New York, NY 10036

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MD Squared Property Group

MD Squared Property Group

MD Squared Property Group is a property management company that services the communities in New York City. It offers consultations regarding a client's property. Additionally, its team uses management techniques, makes recommendations, handles property operations and maintenance, and analyzes building tenancy. It was co-founded by Dawn Dickstein, who has over 20 years of experience in the industry. Michael Mintz, who has experience in property management and real estate, co-founded the company and is now serving as its CEO.

New York, NY 10017

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Daisy

Daisy

Daisy is a full-service property management company that delivers technology solutions to elevate building life for condos and co-ops in New York City. To provide better management services, its team of industry professionals utilizes the Daisy operating system such as messaging apps and web-based applications in daily onsite operations. Using building data dashboards, they assist clients in maximizing maintenance programs, managing projects, creating capital expenditure plans, and analyzing and renegotiating contracts to save money. Board members can reach the team through chat 24/7.

New York City, NY 10016

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Expert Answers To Common Questions:

  1. What is property management?
  2. What does a property manager do?
  3. How much do property management companies charge?
  4. How do I manage a rental property from out of state?
  5. Does a property manager need a real estate license?
  6. How do I find a good property management company?
  7. Do property management companies find tenants for rental properties?
  8. How do I manage a vacation rental property?
  9. Do property managers pay for repairs?
  10. Can a property manager evict a tenant?
  11. Can a property manager sign a lease for an owner?
  12. Is property management worth the cost?
  13. How do I deal with a bad property management company?
Q: What is property management?
A:
Property management is the business of controlling and overseeing real estate, including residential and commercial rental properties. These professionals handle general maintenance and day-to-day operations on behalf of the property owner. They’re responsible for marketing properties, finding and screening tenants, collecting rent, and preparing units between leases. They may also handle repairs, evictions, and any problems that arise.
Q: What does a property manager do?
A:

Professional property managers perform critical tasks throughout the leasing life cycle, from preparing a rental property, through tenant move-ins and move-outs. They can also provide referrals for legal advice, home repairs, and services that aren’t covered by the management agreement. Here are some of their key responsibilities:

  • Marketing and listing vacant units
  • Processing applications and screening tenants
  • Conducting quarterly and annual inspections
  • Orchestrating move-in procedures
  • Coordinating maintenance and repairs
  • Collecting rent and applying penalties
  • Conducting move-out inspections and returning deposits
  • Handling evictions and posting quit notices
  • Complying with fair housing regulations
  • Compiling monthly expense reports
  • Preparing annual tax documents

Q: How much do property management companies charge?
A:
Property management fees can vary substantially depending on the size of the property, number of units, and scope of service. Property owners can expect to pay one month of rent to fill vacant properties and 10% of the gross cash flow to manage the property. Investors should also account for monthly maintenance, contributions to a reserve repair fund, and early termination fees if they decide to cancel the property management contract. Evictions and other non-routine services typically cost extra.
Q: How do I manage a rental property from out of state?
A:
Managing a property isn’t easy, and the job is even more difficult for out-of-state landlords. Thorough tenant screenings are the best way to prevent many common problems. Landlords should also maintain strong relationships with neighbors who can alert them if anything goes wrong. Investors who prefer a more hands-on approach should consider hiring a property manager to represent their interests.
Q: Does a property manager need a real estate license?
A:
Yes, in most states, property managers must have a real estate license to advertise rentals, show properties, sign lease agreements, collect rent, and perform other fiduciary activities. A community association manager license or similar certification may also be required for professionals who want to work for an HOA or apartment complex, although this credential is optional in most states.
Q: How do I find a good property management company?
A:

Property managers differ significantly in their approach and level of expertise. It’s important for owners to screen potential candidates to ensure that they're choosing the most qualified professional. Here are a few questions to ask during the interview:

  • How many units do you manage?
  • How big is your staff?
  • Do you have a maintenance crew?
  • How long does it take to fill vacant units?
  • What happens if my tenant doesn’t pay on time?
  • Have you ever filed an eviction?
  • What type of communication can clients expect from you?

Q: Do property management companies find tenants for rental properties?
A:
Yes, finding tenants and filling vacancies are key responsibilities for property managers. These professionals are responsible for advertising the property, and they handle all inquiries, applications, and showings. To find the most qualified tenants, managers perform background and credit checks, verify references, and confirm the applicant’s employment information, which can prevent problems and extra costs down the road.
Q: How do I manage a vacation rental property?
A:
Managing a vacation home or short-term rental requires a higher level of involvement when compared to other investment properties. Owners or managers must handle marketing, reservations, check-ins, and cleanings between stays. While a recent study by vacation rental marketplace HomeAway (now part of VRBO) reports that vacation rental income comprises about a quarter of the average rental owner’s income from investing just under 10 hours per week managing their rental, this type of hands-on involvement may not be possible for owners who live out of state or in another region. Professional property managers can assist with one or more tasks, such as cleanings and check-ins, or they can provide comprehensive management services to ensure that the property is generating revenue year-round.
Q: Do property managers pay for repairs?
A:
Yes and no. Property managers may pay for repairs, but the cost is generally deducted from future rent payments or a reserve fund. In most cases, landlords are responsible for maintenance costs and improvements that are needed to preserve or enhance the property’s value. Management firms do coordinate repairs, and some have their own maintenance crews. They can also provide contractor referrals and handle work orders for routine repairs, such as cleaning, painting, plumbing, and changing locks between tenants. Many firms allow tenants to submit maintenance requests online, and they should also provide monthly expense reports showing owners how their money is being spent.
Q: Can a property manager evict a tenant?
A:
Yes, property managers can help to orchestrate the eviction process, from preparing the initial notices to appearing in court and working with law enforcement to ensure that the tenant leaves the property. Situations that warrant eviction include non-payment of rent, lease violations, and illegal activity. Property managers can help to determine the best course of action when dealing with problem tenants.
Q: Can a property manager sign a lease for an owner?
A:
In most states, a property manager can sign a lease. Property owners can appoint a third party to act as a landlord by signing a contract with a management company or by giving power of attorney to a private individual. However, for the contract to be valid, the property manager must have the owner’s authorization.
Q: Is property management worth the cost?
A:
Property managers aren’t cheap, but they’re a worthwhile investment in many cases. Managing a rental property requires time, experience, diligence, and attention to detail. Professional property managers can assist new landlords and long-term investors who have a growing portfolio of rentals. They’re also valuable partners for individuals who work full time, live out of state, or want to enjoy the financial rewards of an investment property without added stress and anxiety.
Q: How do I deal with a bad property management company?
A:
Unresponsive property managers cause problems for property owners and tenants. Reputable management firms should work hard for their fees. No landlord wants to hear from their tenants that the management company isn’t doing its job or is ignoring their concerns. If the manager is skipping routine inspections, accepting bad tenants, or failing to provide monthly expense reports, it’s probably time to hire someone else. Owners should interview several candidates, compare rates, and check references to find a more qualified manager.